Saving for a deposit for a house .

[jonathon5]

Just hearing on the radio today , that the average first time buyer needs to save for 10 years for a deposit.

Is it realy that bad ? Does everyone need a monster deposit these days ?

Is anyone here saving ?

[VECTRASRI]

Normally need 10% at least

[jonathon5]

Normally need 10% at least

Minimum 8k then , thats hard work

[Tom5190]

Depends were you want to live, you can get cheap houses just not exactly desireable! Will be time for me to start saving in 6 months not looking forward to it.

[m11ler]

I'll start putting a bit aside each month after i buy a new car. 19 at the moment so i reckon i have plenty of time! Things never go how you expect them to though.

[Saxoladlesta]

I bought a new build, only need 5% deposit which was £9k. Stayed at home instead of renting in order to save the money needed

[jonathon5]

It took us 5 years to save the deposit for our first house & that was only £5k 10% dipper

But that seemed a fortune to us

[rey]

Try saving for a deposit down south!

I'd love to only need £8k

[W103_A5H]

Alot of saving to do according to this..

The average house in the UK costs £132,000 and the average wage is just £23,000. Assuming that you pay an average deposit of £24,000, this still leaves you with an astounding £108,000 mortgage to pay - 5 times the average wage! The Council for Mortgage Lenders has estimated that you're actually more likely to have to find a deposit of 18% (£28,000) for a first time buy.


Link: http://www.theinvestingsite.com/article/saving-for-a-house.htm

Looks like will be years before I get round to saving that much :|

[Sam]

I bought a new build, only need 5% deposit which was £9k. Stayed at home instead of renting in order to save the money needed

+1 for me aswell.

Took 2 years for me and the misses to save it. Basically lived like a hermit for the second year tbh.

[Mr_X]

Hmm it is grim, 5% and you are buggered by over priced new build, 10% and you face high interest rates.

Factor in all the costs and stamp duties.

Glad my days as a first time buyer are over, with the prices in the south it is a struggle for most.

I do feel sorry for people who are poorly paid, even if you had the deposit you wouldnt be able to get a mortgage.

[rob_s]

Can need upto 30% and have no other financial omitments in some cases!

Ie no other loans or finance etc at time of applying


You can slso have a wacking great deposit and still not get one, mates dad died he got a 50k inheritence, got approved "inprinceiple" found a house,offer accepted only weeks later to be told he couldnt have it....

[tillygti6]

Ive not long brought my first place. Down here we earn under average and pay over the odds. To get a sensible mortgage rate you need really 20% deposit. These 5 and 10percent morgages rape you on intrest rates.
Weve just thrown just over 25k into the deposit alone. the average age for first time buyers is somethi g silly like 35 now.

Altho weve thrown alot into it already, our repayments are affordable and allow us money to do things unlime friends in new builds and partbuy part rent setups who are paying mearly twice what we are monthly.
We did in the scheme of things get a good deal. And if property starts to appreciate again, will see a nice little profit.
I really urge anyone sort of contemplating doi g it too do it now. The prices are as good as there likely to ever be

[huggy54]

whats average price of say a 2 bed house/3 bed house where you guys live? i wanna compare it to here in London

[Sam]

whats average price of say a 2 bed house/3 bed house where you guys live? i wanna compare it to here in London

My new build 3 bedroom house cost around £135k.

[tillygti6]

Nice 3bed place is 200k plus
Get a ropey 2bed place in a good area 160k plus
Ropey 1 bedroom place in nice area 125plus
Cheapest 1bed flats here are 90k plus

[Jazz]

Ridiculous really. I was saving a deposit for a while, ended up spending it on a car. The requirments are so tight it puts people off. More comfortable living in my folk's 6-bedroom detatched and just helping with bills, food etc while still saving every month and enjoying having a nice car too.

Might want to travel abroad in a few years anyway so mortgage is not a priority for me right now.

[Tom5190]

3 story 5 bed house with separate double garage, 5car drive, 2 en suites study room garden room etc cost around 320k. (parents not mine!) same builds in welyn area are 700+

[nicole_]

whats average price of say a 2 bed house/3 bed house where you guys live? i wanna compare it to here in London

New build 3 bed semi with a garage cost us £179k in Nottingham

Think new builds the way to go for first time buyers now, so many good deals about, usually pretty small deposits and at least you're paying money into a mortgage and not chucking it away at rent

[wicked-vtr]

Looking 220-250k round here for a 2 bed semi, unless its in the hood or something. You'll be lucky for a decent driveway/garage too.

[Yamaha318]

Try saving for a deposit down south!

I'd love to only need £8k

X2 15K+ for a shitter round here..

[Christian555]

:wall: RIPOFF Britain! Are houses brick&mortar etc 'worth' anywhere near what they are advertised for. I dought it.
I'm saving a deposit now because I'm fed up of storing my motorbike/car in family members houses. Add to that, can't find somewhere with a garage/drive that isn't well out of a price range.

[e8_pqck]

I've saved enough to buy cash but refuse to pay for something thats over priced. I'm hoping they will come down soon, though i have seen many houses drop in price over the last 18 months. I check everyday on rightmove and they are adding more houses daily now as they got took off over xmas - they put house pics up with sunny pics! lol

Save to Buy account with Nationwide is good for a FTB, they will give you access to a better rate and a good savings rate.

Would never buy a new build - shoeboxes, over populated estates, over looked gardens, cars everywhere as no one has any space, tiny garages.

[mark_89]

10 years sounds about right if your already renting with an average wage I guess. I'm lucky enough to be still at home and can save large amounts every month, a deposit for us is going to be around 30000 plus fees :-(

[dave_1]

Looking into buying first home this year. House im looking at is a 3 bedroom semi detached X council house in a cul de sac its on the market for 100k, hoping to get it for 90k. Its just been renovated with new windows, kitchen, bathroom, heating and wood burner. On the other side of a small stream in the same village the parents house which is also a 3 bedroom no attached but shares a driveway is around 400k

[Giraffe]

I'm saving for a deposit at the moment as well, although if I find something better to put my money in to I will...

Trying to save about 25k+, saving 6k a year hopefully, so 4 - 5 years.

[MuZiZZle]

get a loan for a "car"

:P

[Giraffe]

get a loan for a "car"

:P

What would that achieve?

[MuZiZZle]

What would that achieve?

You'd have money to use as a deposit you bender

[GolfJay]

You'd have money to use as a deposit you bender

When you apply for a mortgage, they check for outstanding loans etc... By having a loan, they're more likely to refuse the mortgage totally.

Something I've just realised. I put away £180 every month. The call it 2 grand a year. It's still going strong to take me FIVE years before I can afford a mortgage.

Depressing!

[Giraffe]

You'd have money to use as a deposit you bender

I realise that, but then you have to afford the loan repayment and the mortgage...

I suppose my attitude is trying to save up at least a 25% deposit so my mortgage is more than affordable, so although I suspected you would say that, that's why I don't see it as viable.

[MuZiZZle]

When you apply for a mortgage, they check for outstanding loans etc... By having a loan, they're more likely to refuse the mortgage totally.

Something I've just realised. I put away £180 every month. The call it 2 grand a year. It's still going strong to take me FIVE years before I can afford a mortgage.

Depressing!

It's all maths, most people have finance on cars etc, and they'll refuse you a mortgage because you have a loan? more likely to be refused if you have no credit to be honest.

Wage - expenses = wonga pot

is the wonga pot big enough to pay the mortgage? if yes, get the mortgage

[MuZiZZle]

I realise that, but then you have to afford the loan repayment and the mortgage...

I suppose my attitude is trying to save up at least a 25% deposit so my mortgage is more than affordable, so although I suspected you would say that, that's why I don't see it as viable.

It's an option though, flip waiting 10 years to buy a house, I really feel the pain for people trying to buy a house at the minute

*edit

I was in a mortgage place for 2 hours lastnight, he was giving me all the info on the % of lending, I'm going to let our place and pull the equity, I can pull 80% out but there are very few places that do this and the fees are massive, more at 75%, even more at 70%, the less you borrow the better the deals and rates, it's unfairly backwards

[tillygti6]

theres not been a better time in the recent few years to be buying really, the house prices have dropped a bit, the mortgage companies are offering a few good deals and the general intrest rate is the lowest its ever been. certainly dont make it any easier but worth the sacrifices.
the place i brought, the seller was loosing over 15k on what she paid for it 6 years ago.let alone all the money she threw into the place

[MuZiZZle]

theres not been a better time in the recent few years to be buying really, the house prices have dropped a bit, the mortgage companies are offering a few good deals and the general intrest rate is the lowest its ever been. certainly dont make it any easier but worth the sacrifices.
the place i brought, the seller was loosing over 15k on what she paid for it 6 years ago.let alone all the money she threw into the place

This is very true, but they are wanting big deposits which is making it very hard, hence the rental boom!

I've knocked 25k off our place and it hasn't sold, people are wanting a bargain and I'm not happy to cut my throat on it, the estate agent told me to chop another 10-20k off it to get it to sell!

so I'd be dropping 35-45k no thanks!

so, pull the equity out, rent it, and hope the market picks back up in the next 5-10

[tillygti6]

the market down here is looking like its picking up a touch, but then its been up and down for a couple of years now.
the thing is with the saving, ive seen so many people start saving but not really committing themselves, still pissing alot up the wall and never get anywhere. and end up renting purely cos they wanted to go down the pub.
alot of people want everything handed to them on a plate. and as you know yourself theres some epic satisfaction doing it yourself!

[Davyy]

My plan is to save up for 3/4 years putting away about 4k a year. Want a 200k house atlast, only 18 so should be affordable mortage over a long period.

[MuZiZZle]

I know the government is giving the banks heaps of money at low rates, but it's not benefitting the first time buyers at all

[MuZiZZle]

My plan is to save up for 3/4 years putting away about 4k a year. Want a 200k house atlast, only 18 so should be affordable mortage over a long period.

Natwest would loan 2 people on 20k each, with no other debts 171-198k at the moment, with a 10% deposit, so with a deposit it's acheiveable

[baker556]

I've saved enough to buy cash but refuse to pay for something thats over priced. I'm hoping they will come down soon, though i have seen many houses drop in price over the last 18 months. I check everyday on rightmove and they are adding more houses daily now as they got took off over xmas - they put house pics up with sunny pics! lol

Save to Buy account with Nationwide is good for a FTB, they will give you access to a better rate and a good savings rate.

Would never buy a new build - shoeboxes, over populated estates, over looked gardens, cars everywhere as no one has any space, tiny garages.

This, i am also not too keen on new builds because of this prefer something older with abit more character.

[tillygti6]

natwest are doing a few good rates currently, but not directly with them, through mortgage companies. infact they are giving the same intrest rate as a 20% deposit would get you, but with a 15% deposit. and the offer to fix the rates for 5 years.
but you have to fullfill pretty strict criteria.
with the FTB having to pay stamp duty again,and it being lowered to125k again it sucks!

[matt_vtr_15a]

I'm renting, and just enjoying life. Not saving a penny this year it's all gonna get blown on lads holidays, weekends, shit I don't need and a few weekend getaways as I think I've earned it...

Due to the amount of board I was paying plus my travelling expenses I already had around £500 a month towards rent... and as the house I'm renting is a property developers (a friend of mine) it was a nominal extra monthly cost really...

Helps him out as he has moved to Manchester to work, he is getting money to pay towards his mortgage etc. and he doesn't have to rent it out and put his stuff like oven, furniture etc. into storage...

The house was fully furnished and is such a nice place! I'm definately staying her for 2013 and 2014.. I can stay as long as I like but I want to settle at some point in my own home...

I wont even entertain buying a house until I'm settled with a girl with a good job and steady income that I'm prepared to settle down with...

All about the bachelor pad for the next 2 years though...

[MuZiZZle]

natwest are doing a few good rates currently, but not directly with them, through mortgage companies. infact they are giving the same intrest rate as a 20% deposit would get you, but with a 15% deposit. and the offer to fix the rates for 5 years.
but you have to fullfill pretty strict criteria.
with the FTB having to pay stamp duty again,and it being lowered to125k again it sucks!

I think the government should quash the stamp duty, every little helps!

[tillygti6]

they did for a while, then thought bollox to them weel slap it back on at a lower rate.
although it did have the effect here of all the 140k houses suddenly became alot dearer to the FTB and they where taking offers below the stamp duty level.
stupid that a house priced 124999 will cost that, but at 125k itl cost you actually like 128k

[haz_pro]

Sounds grim but unless I inherit a good figure of money I can't see me getting a mortgage until my late 30's.

Looking at a minimum of 250k for a suitable property for my family, so at least a 25k deposit. EEK.

[KamRacing]

This, i am also not too keen on new builds because of this prefer something older with abit more character.

new builds generally have cheaper living costs as they are fitted with modern boilers, higher tech building design, better windows and even solar panels etc.

Worth considering on a tight budget.

[e8_pqck]

This is very true, but they are wanting big deposits which is making it very hard, hence the rental boom!

I've knocked 25k off our place and it hasn't sold, people are wanting a bargain and I'm not happy to cut my throat on it, the estate agent told me to chop another 10-20k off it to get it to sell!

so I'd be dropping 35-45k no thanks!

so, pull the equity out, rent it, and hope the market picks back up in the next 5-10

Exactly this! But when that interest rate goes up and people are hanging on to something they can no longer afford or want them the prices will come down.until then, it's stagnant. I'm also waiting it out a bit.

[Ross]

I'm pleased I got on the property ladder when I did tbh. Saving now is harder than it used to be as prices on everything day-to-day have gone up, over and above wages. Property prices have obviously gone up year on year so it's catch 22.

I have two houses in the UK - the house I don't live in was inherited (mortgage free) and is rented out, with the money going to my family to support them in their retirement. When they die and that income is no longer needed, I'll get a nice boost to overall capital but (hopefully!) it'll be a long time and ironically, I'll not need the cash injection so much then.

The way my fathers family worked it was that the inheritance skipped a generation - IE, grandparents left assets to the grandchildren rather than the direct children as it's the grandchildren that need the helping hand as the children are generally in their 40's and 50's so are better established. It's an idea I'd continue if I had kids of my own.

If you're fortunate enough to inherit property it helps so much. I really wouldn't want to be starting out again from scratch, even on a good wage. :(

If you earn £1500 a month take home, round here you could expect to pay £1000 a month easily for a flat with bills sorted. So that leaves you £500 a month for everything else. At 19 or 20 years old, your insurance will be what - £150 a month or something? Fuel. Food. Boom. No possibility of savings. Would really fucking suck to be stuck in that loop.

Stay at home with your folks as long as possible - ideally rent free or a small contribution to food etc. Save your fucking balls off. Don't blow it on modifying your car :p I think that's the only way.

Britain is so expensive. :( The next house I buy will be a holiday home in Florida as we go every year anyway. We'll then get a letting agent to rent it out like we do currently.

Something like this:
http://www.homes.com/listing/178998059/7001_Kensington_High_Blvd_ORLANDO_FL_32818

Oh yeah. That house is £81,000. :S

[Yates]

3 bedroom house, front and back garden, drive and attached garage, New build 114k in darlo.

if I saved for ten years I'd be mortgage free. I put 23k down as deposit. took me a 3 years.

[devilsadvocate]

Depends what type of salary you are on (plus any overtime) and what your outgoings are.

Someone on 25k living with their parents with minimal outgoings might be able to save for a deposit in a year or two.

I rent a room at the moment because its cheaper and means I can save more.

My partner has a little boy so we need a 2-3 bedroom really and a flat is not really what you want with a 3 year old. A 3 bed house in a semi decent area near us is about 150-170k so even with a 10% deposit you need nearly 20k including all the fees etc.

I try to save my overtime, luckily I have done over 10k worth of that this year but will still need to save for another couple of years I reckon.

[0rang3peel]

I wouldn't even consider getting a mortgage, if me and my mrs combined our income and started saving we could get somewhere but we both are planning that work will move us around the country so buying a house would be pointless.

I love renting the freedom you get and if it's a nice place for a decent price what's not too like, well the only thing I want that don't have is a decent drive and garage to muck around with cars and things.

[Giraffe]

I wouldn't even consider getting a mortgage, if me and my mrs combined our income and started saving we could get somewhere but we both are planning that work will move us around the country so buying a house would be pointless.

I love renting the freedom you get and if it's a nice place for a decent price what's not too like, well the only thing I want that don't have is a decent drive and garage to muck around with cars and things.

Think about the long game... If you save a deposit and get a house and pay it off, you own the thing. Done smartly, some people could easily have no mortgage by 40 - 45, and that's still young enough to enjoy stuff like holidays and cars etc.

Also, when you hit retirement, consider your situation then...

[MuZiZZle]

Think about the long game... If you save a deposit and get a house and pay it off, you own the thing. Done smartly, some people could easily have no mortgage by 40 - 45, and that's still young enough to enjoy stuff like holidays and cars etc.

Also, when you hit retirement, consider your situation then...

this is true!

[Heliosphan]

Although base rate isn't likely to change for years mortgage rates have come down lately and will probably continue to do. So people with smallish deposits (like 10% or less) should start to see better rates appearing. That'll make things a bit more affordable (providing you can find a deposit) and potentially bring more people into the market. I don't think many places are predicting much outside +/- 2% change to prices though this year. That's either good or bad news, depending on which side of the fence you sit.

[rey]

Something like this:
http://www.homes.com/listing/178998059/7001_Kensington_High_Blvd_ORLANDO_FL_32818

Oh yeah. That house is £81,000. :S

You're not helping me ease my desire of trying to emigrate... :n:

[gaz4399]

Currently saving 500+ overtime a month while paying rent etc

It's hard but the sooner I stop paying into something I don't own the better

[Mr_X]

whats average price of say a 2 bed house/3 bed house where you guys live? i wanna compare it to here in London

IIRC 8m. it is lol funny.

The country pad, 250-350k is fairly average.

[ady_saxo]

I'm sure there are quite a few products on the market where you can get a mortgage with a 10% deposit, plus having a good credit record helps.

[tillygti6]

Theres plenty.most 10% deposits have intrest rates around 6-7% if not more
But 20% deposit will get a rate of circa 4% intrest

[0rang3peel]

Think about the long game... If you save a deposit and get a house and pay it off, you own the thing. Done smartly, some people could easily have no mortgage by 40 - 45, and that's still young enough to enjoy stuff like holidays and cars etc.

Also, when you hit retirement, consider your situation then...

You are right and that was my plan originally, I've kind of not been bothering to stick to it recently though...I will inherit a house in due course I guess :zainy:

[e8_pqck]

Average house price stats are Bollocks too. The only people buying are those who can afford it and they are expensive homes, or people moving up the ladder. 5 houses sold at 300k is still a 300k average.

Numbers sold stats tell a different story.

Can see house prices and time on market at some websites, property snake is one. Can see how much they have dropped as they shore original asking.

I've noticed allot of houses coming off for a few months then coming back on with other agents.

[Heliosphan]

Average house price stats are Bollocks too. The only people buying are those who can afford it and they are expensive homes, or people moving up the ladder. 5 houses sold at 300k is still a 300k average.

Numbers sold stats tell a different story.

Can see house prices and time on market at some websites, property snake is one. Can see how much they have dropped as they shore original asking.

I've noticed allot of houses coming off for a few months then coming back on with other agents.

The problem with Property Snake is that it doesn't show the real drop in value only the drop in asking price. When someone sells a house they might contact a number of different agents, opting to use the one that offers the highest marketing price. You would imagine some agents inflate the price a little as they're competing for business. So the highest price is taken by the vendor to 'see if it goes' and then the price is cut when they've had naff-all interest. That doesn't mean the value has dropped, it could mean that the price is now realistic. I'm sure there will be some on there that will genuinely reflect true depreciation but I bet a fair number are subject to what I described.

The land registry hold a very accurate set of data as it is based on actual selling price, cash transactions (as opposed to internal mortgage approvals like the Halifax and Nationwide indices) and they also use regression sales data which means that they hold data on how many times the same house has sold and for how much giving a clear indication of what is happening in the market.

[e8_pqck]

The problem with Property Snake is that it doesn't show the real drop in value only the drop in asking price. When someone sells a house they might contact a number of different agents, opting to use the one that offers the highest marketing price. You would imagine some agents inflate the price a little as they're competing for business. So the highest price is taken by the vendor to 'see if it goes' and then the price is cut when they've had naff-all interest. That doesn't mean the value has dropped, it could mean that the price is now realistic. I'm sure there will be some on there that will genuinely reflect true depreciation but I bet a fair number are subject to what I described.

The land registry hold a very accurate set of data as it is based on actual selling price, cash transactions (as opposed to internal mortgage approvals like the Halifax and Nationwide indices) and they also use regression sales data which means that they hold data on how many times the same house has sold and for how much giving a clear indication of what is happening in the market.

of course. But what property snake does is show the trend in house asking prices which are falling. It also shows specific types under your search criteria as opposed to a holistic average.

London had defied the market due to external buyers but that is slowing down now, theta also a distinct lack of sales at the lower end and in particular ftb properties but that isn't reflected in the average house price.

As I said properties sold tells a grimmer picture.

[mattknight1984]

I'm 28, in our 3rd house - we will stay here though, massive garden and lush house.

If you still live with your parents after 24/25 you need to sort your life out!

[MuZiZZle]

I'm 28, in our 3rd house - we will stay here though, massive garden and lush house.

If you still live with your parents after 24/25 you need to sort your life out!

Well that's a bit harsh, when did you get on the property ladder? Probably when it was piss easy and affordable?

[mattknight1984]

I moved out when I was 20/21 so 7 years ago.

Still had to save a decent deposit though.

Some people have a lush car, but still live with mummy and daddy. Bet they let you stay up as late as you want though, right? Girls love that :)

Obviously everyone's circumstances are different - some people just have their priorities all wrong.

[MuZiZZle]

I moved out when I was 20/21 so 7 years ago.

Still had to save a decent deposit though.

Some people have a lush car, but still live with mummy and daddy. Bet they let you stay up as late as you want though, right? Girls love that :)

Obviously everyone's circumstances are different - some people just have their priorities all wrong.

So like me you did it when it was easy and affordable

Think about people now, a young couple wanting even a 140k house might have to put 28k+ down at 20%

That's a lot of money, back in the day 5% would have been 7k, however that now 140k property would have been what 90k tops, so 5% is 4.5k

Things have changed a lot

[mattknight1984]

Yeah no doubt it's harder now, but shouldn't be unachievable. 35 and at your parents would be a nightmare.

[jonathon5]

I think things are very Hard now for new starters.

Unfortunatley I was one of those apparent sad people that spent all their money on cars & was still living at home at the age of 28 when I bought my first house. But we only needed a 5k deposit for 10%

Now on house number 2 but (the value increased 80k ) on house number 1 in 3 years. So we were lucky to jump straight to where we wanted to be in 1 move and missed out a couple of steps.

Alot of people these days are sat in negative Equity & its impossible to move anywhere

[Mr_X]

I think things are very Hard now for new starters.

Unfortunatley I was one of those apparent sad people that spent all their money on cars & was still living at home at the age of 28 when I bought my first house. But we only needed a 5k deposit for 10%

Now on house number 2 but made 80k profit on house number 1 in 3 years. So we were lucky to jump straight to where we wanted to be in 1 move and missed out a couple of steps.

Alot of people these days are sat in negative Equity & its impossible to move anywhere

Profit probably isnt the right word to use there.

[jonathon5]

Profit probably isnt the right word to use there.

Profit is deffo the wrong word you are correct, Increase in value is more the correct term.

[Mr_X]

80k in 3 year. Crazy.

What % increase was that?

[MuZiZZle]

80k in 3 year. Crazy.

What % increase was that?

I bought my first flat for 29.5k, sold it 3 years later for 74,950

Happy days, but utter madness!

[Kirky]

Me n the gf are saving for a house need 8k deposit on a 132k new build seems pretty good to mee :D

[jonathon5]

80k in 3 year. Crazy.

What % increase was that?

Bought 59k sold 139k

About 2.5 ish

[Mr_X]

I bought my first flat for 29.5k, sold it 3 years later for 74,950

Happy days, but utter madness!

Bought 59k sold 139k

About 2.5 ish

:fcuk:


That really is crazy.

My main house, the area adj for inflation is on par with 2003

[Furioman]

Truth is property is overpriced, personally i blame property developers, and all the buy to let folk they are the only people taking money out of the market, and first time buyers are footing the bill, doesnt effect people so much that already have a property their house has increased in value but so has the next bigger house they are looking at so the values relative to one another stay the same.

first time buyer has no relative value just see's that first house go up by 50-80k

[Penn]

Yes it is ridiculously bad at the moment. Having bought my own place myself this year, I know how utter fucking shit it is to get on the property ladder.

Took me 2 years saving for my place, deposit of 20K plus a few grand to furnish the place. Mortgage rates are still shit for first time buyers and there aren't enough houses at sensible prices. Property is still WAY overpriced.

You literally need to save as much money as you possibly can to plough into the deposit. The difference between a 10% deposit and a 15% deposit can be 10's of thousands of pounds over the course of a 25 year mortgage.

I'd advise anyone who is still able to live at home and minimise their outgoings to push for a 15% deposit as an absolute minimum.

Although, it does actually require you to save. I get frustrated when people say they are saving for a house yet continually buy new clothes, go on holiday, get new gadgets, go out on the piss every week etc.

[Saxotim]

starting to save this month for mine. aiming for at least 8k by the end of the year, should be easy.

[enthrone]

My parents brought at exactly the right time, 35k 3 bed semi detached council house in a very nice area. A terraced house with 2 Bedrooms on same road at the high of the property prices sold for £180k...

A deposit for a house for me and the missus in bristol is going to cost almost the same as his house :homme:

[Giraffe]

My parents brought at exactly the right time, 35k 3 bed semi detached council house in a very nice area. A terraced house with 2 Bedrooms on same road at the high of the property prices sold for £180k...

A deposit for a house for me and the missus in bristol is going to cost almost the same as his house :homme:

They didn't bring anything. They BOUGHT a house. How the fuck do people confuse words? Totally different meanings!

[danboy]

October 2011 bought my house for 55k, 2 bedroomed semi detached. its very private, long drive way, garage and decent gardens. Put a 25% deposit down and my mortgage was for 10 years and its still cheaper than rent. My lass will be mortgage free when she is 30.

[jonathon5]

October 2011 bought my house for 55k, 2 bedroomed semi detached. its very private, long drive way, garage and decent gardens. Put a 25% deposit down and my mortgage was for 10 years and its still cheaper than rent. My lass will be mortgage free when she is 30.

Sounds a good plan

[Mr_X]

55k.

So tempted to move somewhere more northern.

[wadoryu]

You can't buy a 2bed flat for less than 75k around here as far as I'm aware :/

[L33h]

I dont think id ever be able to save up a deposit for a house. I spend it all on cars, bikes and beers!

[blackie_2k5]

After reading this thread I decided to check my local area again last night

Prices have taken a nose dive even further then thins time last year, it's actually tempted me again tbh

Seems the perfect time to offset the ridiculous interest rates of mortgages ATM, against the value of the houses, won't be moving for a good while.. So it can only really go up again haha :homme:

[enthrone]

They didn't bring anything. They BOUGHT a house. How the fuck do people confuse words? Totally different meanings!
A typo get the fuck over it. No wonder I never post here..

[L33h]

People just mix up them words far too much on this forum lol

[Giraffe]

A typo get the fuck over it. No wonder I never post here..

It isn't though is it, you just don't know the difference, like seemingly 80% of this bloody forum. It's embarrassing.

[blackie_2k5]

It isn't though is it, you just don't know the difference, like seemingly 80% of this bloody forum. It's embarrassing.

Should of brought them a dictionary mate

[jsdvtr]

The house market at the moment is low in price terms, ive just got a house going through now which is in need of quite abit of work but could easily do with around 10k but the mortgage survey came back as being it can be worth 35k more than what we are paying for it. Putting down a 15% deposit for 25years, The higher the deposit, the better the mortgage rate you will get.

The cost of new builds is quite high in comparison to the same sort of sized house of a older build. near me you can get a 3 bed semi, no garage, small garden, the bedrooms arent overly big, thin walls, etc but can get something the same right nearby for 30-50k less sometimes and its not going to be worth what you would pay for it off the company who have built the houses unless you buy it from a vender.

[Gareth_R]

cant be bothered to read the replies, so this might have been said, but

round here you can pick up a tidy flat on part buy part rent for only £2,500 deposit. 25% ownership and you can increase your stake later, or you're always guaranteed that the housing association owning the block will buy it back off you.

It's what I'd be doing right now if i wanted to tie myself down

[vtectransplant]

Should of brought them a dictionary mate

Genius post somehow missed..... Your waysted hear Blackie.

[Eds_VTR]

Me & my missus would love to be able to buy a place of our own. We're currently renting a one bedroom house in Hemel and a similar one bedroom house in the development sold for £150K recently.

[jonathon5]

Me & my missus would love to be able to buy a place of our own. We're currently renting a one bedroom house in Hemel and a similar one bedroom house in the development sold for £150K recently.

Ouch !

Move north

[Mr_X]

Ouch !

Move north

Ive been looking at Wales, you can buy a Mansion for very little money.

[jonathon5]

Ive been looking at Wales, you can buy a Mansion for very little money.

Or Scotland

[Mr_X]

Or Scotland

Shame about the wages, need to get a "work from home job" then drive about all day.

[L33h]

Im goin to try and save up but tbh everytime i get over £1000 something comes up and i need to spend it :(

[jonathon5]

Im goin to try and save up but tbh everytime i get over £1000 something comes up and i need to spend it :(

I know the feeling , keep trying its worth it in the long run

[L33h]

I know the feeling , keep trying its worth it in the long run

Aye i might aswell try. Untill i find a faster bike or a bigger turbo hahha